Check “lockdown relief” Announced By FM Nirmala Sitharaman Today

India FM Nirmala Sitharaman today announced a series of measures to help Indian economy besieged by coronavirus pandemic. Announcement was mainly focused on statutory and compliance related issues.

  • Aadhar-PAN linking deadlines is now extended to June 30 from March 31
  • No ATM charges for cash withdrawal for 3 months.
  • No minimum balance is required in bank accounts.
  • For new companies declaration of commencement of business extra 6 months are given
  • Financial Year 2018-19 now will be extended to June 30, 2020.
  • Interest on late payment is reduced from 12% to 9%
  • Vivad Se Samvad scheme extended to June 30 without any additional change
  • Last date for filing second quarter GST is now extended to June 30
  • Companies with less than 5 Crore turnover, no penalty or interest. For above reduced interest rate 9% will be chanrged.
  • Custom services made as essential service 24*7 till June 30.
  • For small businesses insolvency proceedings’ threshold limit extended from Rs 1 Lakh to RS 1 Crore
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